03 cases of employees to receive retirement allowance from January 1, 2021 in Vietnam

Below is the remarkable content specified Official Letter 362/LDTBXH-BHXH dated 22/02/2021 of the Ministry of Labor, Invalids and Social Affairs of Vietnam on the implementation of Decree 135/2020/ND-CP regarding the retirement age of employees.

03 cases of employees to receive retirement allowance from January 1, 2021 in Vietnam (Illustration)

According to Vietnam's Official Dispatch 362/LDTBXH-BHXH, subjects falling into one of the following categories will be eligible for pension entitlement from January 1, 2021:

(1) Male employees born in December 1960 and female employees born in December 1965 work in normal working conditions.

(2) Male employees born in December 1965 and female employees born in December 1970 with full 15 years of experience working in heavy, hazardous or dangerous occupations or jobs, or particularly heavy, hazardous or dangerous occupations prescribe in the list issued by the Ministry of Labor, War Invalids and Social Affairs of Vietnam or have worked for 15 years or more in areas with extremely difficult socio-economic conditions (including working time at a place with a regional allowance coefficient of 0.7 or more before January 1, 2021) or is determined to have a working capacity decrease of from 61% to less than 81% before January 1, 2021;

(3) Male employees born in December 1970 and female employees born in December 1975 are expected to have an 81% or greater decrease in working capacity before January 1, 2021.

In other cases, the time to enjoy the pension is determined according to the month and year of birth.

>>> Look up retirement age and time to enjoy pension by month and year of birth from 2021

Note: In the event the employee continues to work after reaching the prescribed retirement age, the time of retirement is also the time of termination of the labor contract.

Besides, also in this Official Dispatch, the Ministry of Labor, War Invalids, and Social Affairs of Vietnam emphasized that the determination of the number of years of paying social insurance premiums corresponds to the pension enjoyment rate equal to 45% shall be based on the employee's starting time of monthly pension enjoyment. At the same time, the determination of "enough pension age" as a basis for consideration and settlement of lump-sum social insurance benefits according to Point a, Clause 1, Article 60 and Point a, Clause 1, Article 77 of the Law on Social Insurance shall be determined based on the retirement age at the year of the employee's request for settlement of one-time social insurance benefits.

More details can be found in: Vietnam's Official Dispatch 362/LDTBXH-BHXH issued on 22/02/2021.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

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